Description

1864 Silver Dollar, PR68Borderline Cameo Proof

1864 $1 PR68 NGC. Only 470 proof Seated Liberty dollars were
struck in 1864, and the present coin is one of the finest-certified
survivors of that paltry mintage. The strained economic conditions
of the Civil War explain the low demand for proof coins during the
1860s. Silver and gold coins did not circulate in this country
after 1861 because of public hoarding. The government suspended
specie payments and would only exchange precious metal issues for
payment in kind. This meant that in addition to the usual fee the
Mint charged for proof coins, collectors actually had to pay for
the silver (or gold) coins with other silver (or gold) coins that
could only be obtained from bullion brokers at steep premiums. Few
collectors cared to incur the extra expense and difficulty involved
in ordering proofs under those circumstances.

The silver dollars were all issued with the proof sets, which began
to appear on the secondary market almost immediately. One set was
offered in lot 330 of the Fifth Semi-Annual Sale (W. Elliot
Woodward, 10/1864), "1864 Splendid proof set, seven pieces." The
lot realized $8 to William Lilliendahl. This set must have been
issued early in the year, as the sets issued in July contained the
new two cent piece, and would have had eight total pieces. The
price realized was quite high for coins issued only a few months
prior to the sale with a face value of just $1.94.

The coin offered here is a magnificent PR68 specimen with
razor-sharp definition on all design elements and deeply mirrored
fields that show no signs of contact. The virtually perfect
surfaces are spectacularly toned in shades of slate-gray,
sea-green, golden-brown, lavender, and cobalt-blue. Although this
coin is not designated as a Cameo, the frosty obverse devices show
distinct elements of contrast. Eye appeal is simply incredible.
Advanced collectors should bid accordingly. Census: 3 in 68, 0
finer (3/13).(Registry
values: N10218) (NGC ID# 252J, PCGS# 7007)